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Oecd Journal: Financial Market Trends最新文献

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Estimating the size and incidence of bank resolution costs for selected banks in OECD countries 估计经合组织国家选定银行的清算成本规模和发生率
Oecd Journal: Financial Market Trends Pub Date : 2017-03-10 DOI: 10.1787/FMT-2016-5JLVBSLKTW7J
M. Grimaldi, Jörg Hofmeister, Sebastian Schich, Daniel Snethlage
{"title":"Estimating the size and incidence of bank resolution costs for selected banks in OECD countries","authors":"M. Grimaldi, Jörg Hofmeister, Sebastian Schich, Daniel Snethlage","doi":"10.1787/FMT-2016-5JLVBSLKTW7J","DOIUrl":"https://doi.org/10.1787/FMT-2016-5JLVBSLKTW7J","url":null,"abstract":"This report provides estimates of the costs associated with bank resolution both in terms of the expected costs that might arise should a bank fail (i.e. as “ex-post” costs), as well as the cost associated with the likelihood that a solvent bank might fail (i.e. as “ex-ante” costs) over the next year. It finds that expected resolution costs (ex-post costs) have dropped recently due to higher average capital ratios and a lower level of bank liabilities as a percentage of GDP. The annualised value of these expected resolution costs (ex-ante costs), which increased sharply after 2008, has since subsided, but remains well above its 2008 level. Overall, the estimates produced in this report support the notion that recent financial sector reforms have had an impact on reducing the costs associated with bank failure, including the expected costs to taxpayers. However, estimates are in most cases yet to return to pre-crisis levels.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127292687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
Analytical tools for the insurance market and macro-prudential surveillance 保险市场和宏观审慎监管的分析工具
Oecd Journal: Financial Market Trends Pub Date : 2017-03-10 DOI: 10.1787/FMT-2016-5JLN6HNVWDZN
W. Kwon, Leigh Wolfrom
{"title":"Analytical tools for the insurance market and macro-prudential surveillance","authors":"W. Kwon, Leigh Wolfrom","doi":"10.1787/FMT-2016-5JLN6HNVWDZN","DOIUrl":"https://doi.org/10.1787/FMT-2016-5JLN6HNVWDZN","url":null,"abstract":"This article provides an overview of the analytical tools used by insurance regulators and supervisors for the purposes of market and macro-prudential surveillance. It is largely based on responses from 24 OECD and non-OECD countries to a questionnaire on the use and relative importance of a set of common indicators and analytical tools that provide information on the soundness, performance and competitiveness of the insurance market. The article therefore provides a point of reference on the use of analytical tools for market surveillance and is intended to inform the further development of the OECD Global Insurance Statistics framework.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132943573","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 18
The evolution of insurer portfolio investment strategies for long-term investing 保险公司长期投资组合投资策略的演变
Oecd Journal: Financial Market Trends Pub Date : 2016-12-17 DOI: 10.1787/FMT-2016-5JLN3RH7QF46
Helmut Gründl, Ming Dong, J. Gal
{"title":"The evolution of insurer portfolio investment strategies for long-term investing","authors":"Helmut Gründl, Ming Dong, J. Gal","doi":"10.1787/FMT-2016-5JLN3RH7QF46","DOIUrl":"https://doi.org/10.1787/FMT-2016-5JLN3RH7QF46","url":null,"abstract":"The recent global financial crisis, combined with regulatory changes in financial industries, has altered the financial landscape in terms of how financing can be achieved and the potential role of institutional investors. The potential role that insurers, particularly life insurers and pension funds, can play as long-term institutional investors has become a central topic of discussion in various fora. How this role develops will, in the long run, affect how firms obtain financing for their investments and ultimately lead to growth of the real economy. This article provides an overview of the evolving investment strategies of insurers and identifies the opportunities and constraints they may face with respect to long-term investment activity. The report investigates the extent to which changes in macroeconomic conditions, market developments and insurance regulation may affect the role of insurers in long-term investment financing. It concludes that regulation should neither unduly favour nor hinder long-term investment as such but place priority on incentivising prudent assetand- liability management with mechanisms that allow for a “true and fair view” of insurers’ risk exposures. In risk-based solvency regulation, an asset’s risk relative to liabilities is reflected in the capital requirements. JEL classification: G22, E22, F21, O16, Keywords: insurance, long-term investment, asset-liability management, risk-based capital","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123020055","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 50
Reducing and sharing the burden of bank failures 减轻和分担银行倒闭的负担
Oecd Journal: Financial Market Trends Pub Date : 2016-04-25 DOI: 10.1787/FMT-2015-5JM0P43LDL30
J. Cariboni, A. Fontana, Sven Langedijk, Sara Maccaferri, A. Pagano, M. P. Giudici, Michela Rancan, Sebastian Schich
{"title":"Reducing and sharing the burden of bank failures","authors":"J. Cariboni, A. Fontana, Sven Langedijk, Sara Maccaferri, A. Pagano, M. P. Giudici, Michela Rancan, Sebastian Schich","doi":"10.1787/FMT-2015-5JM0P43LDL30","DOIUrl":"https://doi.org/10.1787/FMT-2015-5JM0P43LDL30","url":null,"abstract":"This report demonstrates that the contingent liabilities associated with efforts to limit the adverse externalities stemming from failures in the European banking sector are substantially decreasing as a result of new regulation. Noting that the implied shifting of losses from taxpayers to bank creditors is desirable, the report recognises that losses do not disappear. It discusses the issue of where bank recovery or resolution bail-in losses may go. It underlines that the sectoral allocation of losses matters, but concludes that our understanding needs to be further developed and that more transparency about the structure of bank creditors would be desirable. Increasing transparency in this regard would, among other things, help assure policy makers that the new tools available can be used effectively and smoothly in actual practice. Also, raising awareness of investors in bail-inable bank debt about the associated risks should enhance the credibility of the bail-in framework.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"217 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114982780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
Evaluating capital flow management measures used as macro-prudential tools 评估作为宏观审慎工具的资本流动管理措施
Oecd Journal: Financial Market Trends Pub Date : 2016-04-25 DOI: 10.1787/FMT-2015-5JM0P44DLQ6F
A. Blundell-Wignall, Caroline Roulet
{"title":"Evaluating capital flow management measures used as macro-prudential tools","authors":"A. Blundell-Wignall, Caroline Roulet","doi":"10.1787/FMT-2015-5JM0P44DLQ6F","DOIUrl":"https://doi.org/10.1787/FMT-2015-5JM0P44DLQ6F","url":null,"abstract":"Earlier OECD research has shown that capital flow management measures (CFMs) that are used as macro-prudential measures (MPMs), including currency-based restrictions applied to banks’ operations also with non-residents, have the intended negative impact on capital account openness as measured by covered interest parity indicators. But what is their impact as macro-prudential tools to improve resilience to financial stability risks? This paper refers to the Bruno and Shin (2013) study that suggests that currency-based restrictions act as an effective macro-prudential buffer by reducing the sensitivity in emerging economies of cross-border bank lending to global credit cycles as measured by the volatility index VIX. The specific restrictions considered by the Bruno and Shin study are defined as CFMs and MPMs by both the IMF and the OECD. The paper shows that this result is mitigated when using updated data and testing the same hypotheses for more countries. Therefore further research is needed before concluding on the effectiveness of CFMs used as MPMs. On the other hand, the paper does find that CFMs, including currency-based measures, play a role in managing the domestic credit implications of those central banks engaged in foreign exchange interventions. The paper suggests that countries concerned with financial stability risks that may arise from global credit push factors, while wishing to avoid price distortions caused by CFMs, could use Basel III-consistent liquidity coverage ratios and net stable funding ratios as alternatives to CFMs; they also have the advantage of not having raised objections between governments so far regarding international commitments to exchange rate flexibility and cross-border openness, including the OECD Code of Liberalisation of Capital Movements.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"27(2) 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130994653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Opportunities and limitations of public equity markets for SMEs 中小企业公开股权市场的机遇与局限
Oecd Journal: Financial Market Trends Pub Date : 2016-02-03 DOI: 10.1787/FMT-2015-5JRS051FVNJK
Iota Kaousar Nassr, Gert D. Wehinger
{"title":"Opportunities and limitations of public equity markets for SMEs","authors":"Iota Kaousar Nassr, Gert D. Wehinger","doi":"10.1787/FMT-2015-5JRS051FVNJK","DOIUrl":"https://doi.org/10.1787/FMT-2015-5JRS051FVNJK","url":null,"abstract":"This article on public equity financing for small and medium-sized enterprises (SMEs) complements earlier OECD work on market-based finance for SMEs. The development of this market segment could promote investment in SMEs and, together with securitisation and other non-bank debt financing instruments, encourage an enhanced allocation of risk and risk taking, and thus support growth. Despite the benefits of public SME equity, its share is small and an equity gap exists for risk financing more generally. A number of important impediments to the wider use of public equities for SMEs are identified, such as admission cost and listing requirements, lack of liquidity, educational gaps, limited ecosystems, and tax treatment, all of which require attention by regulators and policy makers alike.","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127749297","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 51
Finance and climate: The transition to a low-carbon and climate-resilient economy from a financial sector perspective 金融与气候:从金融部门的角度向低碳和气候适应型经济转型
Oecd Journal: Financial Market Trends Pub Date : 2016-02-03 DOI: 10.1787/FMT-2015-5JRRZ76D5TD5
J. Boissinot, D. Huber, G. Lamé
{"title":"Finance and climate: The transition to a low-carbon and climate-resilient economy from a financial sector perspective","authors":"J. Boissinot, D. Huber, G. Lamé","doi":"10.1787/FMT-2015-5JRRZ76D5TD5","DOIUrl":"https://doi.org/10.1787/FMT-2015-5JRRZ76D5TD5","url":null,"abstract":"Climate change is a major political and economic challenge. This paper sketches out its relevance for the financial sector. Necessary low-carbon investments imply a significant yet manageable financing gap. However, we argue that beyond capital mobilisation that has attracted most attention until now, the main challenge is ensuring a transition-consistent capital reallocation. The financial sector has a key role to play in that respect, complementary to appropriately designed climate policies. To help the financial system fulfil its role, the understanding of the economics of climate change should be deepened and a sector-wide businessoriented appropriation of these issues should be promoted. JEL classification: Q54, E10, E44, G12, G14, G21, G22, G23, G28. Keywords: Climate change, low carbon, climate finance, green finance, investment, capital allocation, financial system, risks","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"2015 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130320686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 19
Financial instruments for managing disaster risks related to climate change 管理与气候变化有关的灾害风险的金融工具
Oecd Journal: Financial Market Trends Pub Date : 2016-02-03 DOI: 10.1787/FMT-2015-5JRQDKPXK5D5
Leigh Wolfrom, M. Yokoi-Arai
{"title":"Financial instruments for managing disaster risks related to climate change","authors":"Leigh Wolfrom, M. Yokoi-Arai","doi":"10.1787/FMT-2015-5JRQDKPXK5D5","DOIUrl":"https://doi.org/10.1787/FMT-2015-5JRQDKPXK5D5","url":null,"abstract":"This article provides an overview of the potential implications of climate change for the financial management of disaster risks. It outlines the contribution of insurance to reducing the economic disruption of disaster events and policy approaches to supporting the penetration of disaster insurance coverage and the capacity of insurance markets to absorb disaster risks, including through the use of capital markets instruments and international co-operation in risk pooling. It concludes with a number of recommendations for improving the financial management of disaster risks in the context of climate change and some areas of further work. JEL classification: G22, G23, H84, Q54 Keywords: Climate change, natural disasters, extreme events, insurance, reinsurance, catastrophe bonds","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114091656","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 12
Tracing the origins of the financial crisis 追溯金融危机的根源
Oecd Journal: Financial Market Trends Pub Date : 2015-04-22 DOI: 10.1787/FMT-2014-5JS3DQMSL4BR
Paul Ramskogler
{"title":"Tracing the origins of the financial crisis","authors":"Paul Ramskogler","doi":"10.1787/FMT-2014-5JS3DQMSL4BR","DOIUrl":"https://doi.org/10.1787/FMT-2014-5JS3DQMSL4BR","url":null,"abstract":"More than half a decade has passed since the most significant economic crisis of our lifetimes and a plethora of different interpretations has been offered about its origins. This paper consolidates the stylised facts put forward so far into a concise and coherent meta-narrative. The paper connects the dots between the arguments developed in the literature on macroeconomics and those laid out in the literature on financial economics. It focuses, in particular, on the interaction of monetary policy, international capital flows and the decisive impact of the rise of the shadow banking industry. JEL classification: A10, F30, G01 Keywords: Financial crisis, international capital flows, shadow banking","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128228133","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 30
Unlocking SME finance through market-based debt: Securitisation, private placements and bonds 通过市场化债务解锁中小企业融资:证券化、私募和债券
Oecd Journal: Financial Market Trends Pub Date : 2015-04-22 DOI: 10.1787/FMT-2014-5JS3BG1G53LN
Iota Kaousar Nassr, Gert D. Wehinger
{"title":"Unlocking SME finance through market-based debt: Securitisation, private placements and bonds","authors":"Iota Kaousar Nassr, Gert D. Wehinger","doi":"10.1787/FMT-2014-5JS3BG1G53LN","DOIUrl":"https://doi.org/10.1787/FMT-2014-5JS3BG1G53LN","url":null,"abstract":"Small and medium-sized enterprises (SMEs) are key contributors to economic growth and job creation. The current economic and financial crisis has reduced bank lending and has affected SMEs in particular. Capital markets will have to play a bigger role in financing SMEs in order to make them more resilient to financial shocks. This article reviews the spectrum of alternative market-based debt instruments for SME financing. It focuses on securitisation and covered bonds and also addresses issues regarding small/mid-cap bonds and private placements. It reviews the current state of the market for these instruments and identifies associated risks; analyses the barriers for issuers and investors alike; and provides best practices and high level recommendations to help alleviate barriers without hampering the overall stability of the system. JEL classification: G1, G2, G23, G28 Keywords: SME finance, SME securitisation, non-bank finance, (high-quality) securitisation, asset-backed securities (ABS), SME CLO (collateralised loan obligation), (covered) bonds, private placements, financial regulation, European DataWarehouse, Prime Collateralised Securities (PCS) initiative","PeriodicalId":444795,"journal":{"name":"Oecd Journal: Financial Market Trends","volume":"132 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121566935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 41
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